Oil demand could plummet 20% due to coronavirus fallout

• He told Bloomberg TV that he sees a 5 million barrel per day decline on an annualized basis.
• But Hardy also cautioned that there's obviously uncertainty about when demand will start to pick back up.

The bottom line: "It's pretty huge in terms of anything we've had to deal with before," he said.

Where it stands: That's just one metric of how coronavirus and the collapse of the Saudi-Russia output limiting deal is rapidly transforming the oil landscape — and creating economic jeopardy.

Threat level: Rystad Energy now estimates that over 1 million jobs in the oilfield service industry are likely to be shed this year, representing about 21% of its global workforce.

• The sector currently employs about 5 million people worldwide, according to the consultancy, but will be hard hit by the price collapse.
• "Some 13 percentage points are attributed to oil-price-driven cuts and the remaining 8% reductions will be layoffs caused by measures taken by contractors who are forced to slow down project developments fearing the spread of COVID-19 on their worksites," they said in an analysis Wednesday.